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Botswana has ascended to the rank of the top diamond producer globally, unseating sanctions-hit Russia. De Beers, a leading diamond company, operates most of Botswana’s diamonds found in the Orapa diamond deposit.
Botswana has ascended to the rank of the top diamond producer globally, unseating sanctions-hit Russia. De Beers, a leading diamond company, operates most of Botswana’s diamonds found in the Orapa diamond deposit. Following the G7 sanctions on Russia, De Beers moved its auctions to Botswana to streamline its business operations and facilitate the further development of the country’s diamond sector. The relocation comes as the diamond industry reels from the effects of a traceability initiative introduced by the Group of Seven leading industrialized countries, or G7, in a bid to sanction Russian diamonds.
Under the arrangement, all diamonds entering G7 markets are routed through Antwerp, Belgium, to ascertain their origin. However, Botswana has criticized the arrangement, arguing that it has disrupted the supply chain. Botswana President Mokgweetsi Masisi will meet German Chancellor Olaf Scholz on June 21 to discuss the certification process.
Read Also:
https://trendsnafrica.com/botswana-to-up-shareholding-in-de-beers/
https://trendsnafrica.com/green-star-certification-and-designation-for-diamonds-from-botswana/
Botswana, the world’s largest diamond producer, is one of the most stable and prosperous countries in Africa. The diamond industry there employs nearly a fourth of the country’s 1.5 million people and accounts for two-thirds of government income. Beers and the government control the industry in a 50-50 partnership, but there is far more to the country’s success than corporate paternalism. The borders of Botswana, unlike the borders of so many African countries, make sense. Inside the borders, there is ethnic and linguistic unity. There is also a long history of democratic decision-making.
